Trump Delays Tariff Imposition by 90 Days..."Only Applying Basic Tariff Rate of 10%"
"Stopped Due to People's Fear...Will Also Dialogue with Xi Jinping"
US Stock Market Records Unprecedented Rise...Cryptocurrency Also Vertically Rebounds
BTC Breaks Through $80,000...Major Altcoins Record Over 12% Rise
President Trump announced a 90-day delay in imposing high tariffs on trade partners excluding China, causing Bitcoin (BTC) to rebound on the 10th.
Trump posted on his social media 'Truth Social' that he negotiated with over 75 countries and is delaying tariff imposition by 90 days. He further stated that a basic tariff rate of 10% will be applied to these 75 countries for 90 days.
Asset markets surged following Trump's post.
The Dow Jones Industrial Average rose 7.87% from the previous session, the largest increase since March 2020. The S&P 500 index rose 9.52%, and Nasdaq surged 12.16%. The S&P 500's rise is the largest in 17 years since 2008.
With the US stock market's rise, Bitcoin rebounded about 8.3% on the 10th, breaking the $80,000 mark, recording $82,802 as of 9 AM on CoinMarketCap.
'Risky assets' altcoins also surged. Ethereum (ETH), Solana (SOL), Doge (DOGE), and ADA rose approximately 12.63%, 12.86%, 13.10%, and 13.95% respectively, with most altcoins rebounding about 5%.
The continued market surge was interpreted as the tariff war reaching its peak based on Trump's subsequent comments.
At the White House office, Trump said, "I witnessed people's anxiety" and "I considered and implemented a policy of applying only a 10% basic tariff rate over the past few days."
Regarding China, which raised tariff rates to about 125%, he said, "I don't think more needs to be done" and "He is my friend, I like and respect him, so I will meet and talk with him."
Reporter Seung-won Kwon ksw@blockstreet.co.kr
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